Addressing the opening ceremony of the 4th Iranian Petroleum and Energy Club Congress & Exhibition in Tehran on Tuesday, Ali Kardor said necessary arrangements for the supply of crude oil in the stock exchange had been provided and the condition to participate in the transactions, was paying an equivalent of 10% of the price of oil in Rials by buyers.

The base price will be set at $79.15 for the oil but the final price would be determined based on the international trading prices of the National Iranian Oil Company, the official said.

He said talks for striking deals under the newly-devised model of oil contracts were ongoing, adding, “We are in talking for three fields; moreover, with Total’s exit from the South Pars Phase 11 project, the engineering data, maps, etc. regarding the projects have been made available to the CNPCI.”

Kardor further said that the National Iranian South Oil Company (NISOC) had signed a memorandum of understanding with Pergas Consortium for developing Keranj Oilfield in Iran which would soon turn into a contract.